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IN BRIEF / HEALTH CARE

Edwards Lifesciences to Cut Jobs, Expenses

August 02, 2003|From Bloomberg News

Edwards Lifesciences Corp., a maker of heart devices, said it would fire 130 people, or about 2.5% of its more than 5,000 workers, to cut costs.

The reductions will result in an expense of $8 million to $10 million taken this quarter, the company said. Ninety jobs will be eliminated in the United States, mostly at Edwards' headquarters in Irvine, spokesman Barry Liden said.

Chief Executive Michael Mussallem said the cuts would help the company meet earnings targets. Edwards is expected to record 2003 profit of $1.56 a share, the average estimate of analysts surveyed by Thomson First Call.

Edwards shares fell 88 cents, or 3.1%, to $27.36 on the NYSE.

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